NEWMARKET, ONTARIO--(CCNMatthews - March 7, 2007) - Quinto Enterprises Inc., of Richmond Hill, was fined $41,417 after pleading guilty today to one count of goods and services tax (GST) fraud in the Ontario Court of Justice in Newmarket.

A Canada Revenue Agency (CRA) investigation revealed that the corporation obtained goods and service tax refunds by claiming fraudulent input tax credits on GST returns filed for reporting periods from June 2000 to February 2001. The company received a total of $41,417 in GST refunds that it was not entitled to.

The fine the company received is in addition to any taxes and interest owed, as well as any civil penalties that may be assessed by the CRA.

In addition, the court may, on summary conviction, fine them up to 200% of the taxes evaded and sentence them to a two-year jail term. Under the Income Tax Act and the Excise Tax Act, the CRA may also assess a penalty of up to 50% of the taxes evaded or the benefit improperly claimed.

The information in this news release was obtained from the court records.

Further information on convictions can also be found in the Media room on the CRA Web site at www.cra.gc.ca